Banesco USA grants $9M loan to Econo Sierra Bayamón
Store Management System will remodel the supermarket and add new services.
Banesco USA has granted a $9 million loan to Store Management System LLC, based in Comerío, Puerto Rico, to finance the purchase and remodeling of the Econo supermarket in Sierra Bayamón.
The renovation project includes creating or retaining 62 jobs. About $2 million of the investment will go toward upgrades such as a cafeteria, bakery, deli, frappes, and online order delivery and pickup through the Econo To Go app, to improve the customer experience and turn the supermarket into a full-service destination.
“Banesco continues to contribute to the local commercial sector through ECIP (Emergency Capital Investment Program of the U.S. Department of the Treasury), promoting the creation of jobs and economic activity,” said Maritza Abadía, president of Banesco USA in Puerto Rico. “We are proud to support the expansion plans of local entrepreneurs for the benefit of our communities.”
Banesco USA has originated more than $2 billion in ECIP-qualified and impact loans to support minority-owned and small businesses and underserved communities in South Florida and Puerto Rico.
“Our company is very grateful for the vote of confidence that Banesco USA has given us by granting this financing,” said Juan Carlos Agosto, CEO of Store Management System. “Banesco’s personalized customer service, agility and innovative products and services were key to deliver the loan needed for this expansion.”
He added that the Sierra Bayamón store serves multiple surrounding neighborhoods and that the renovation is meant to complement the overall shopping experience with new and expanded services.
